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ACC 117

Chapter 1 Questions

QuestionAnswer
What is the purpose of accounting? to provide financial information about a business to individuals and organizations
The six major steps of the accounting process? analyzing, recording, classifying, summarizing, reporting, and interpreting
FASB steps (1) The issue is placed on the Boards agenda (2) After researching the issue, a Preliminary Views document is issued (3) Public hearings are held (4) An Exposure Draft is issued (5) The Board issues an Accounting Standards Update which amends the FASB
The three types of business ownership structures? sole proprietorship, partnership, and corporation
Different types of business classified by activities? service business, merchandising business, and manufacturing business
What are the career opportunities in accounting? public accounting, private accounting, and governmental and not-for-profit accounting
Created by: anichols23
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